S 4931
118th Congress
Senate
Taxation
Renewable Chemicals Act of 2024
Introduced: August 1, 2024
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2024
Read twice and referred to the Committee on Finance.
Aug 1, 2024
Introduced in Senate
Plain-English summary
Renewable Chemicals Act of 2024
This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for u p to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content.
The bill also allows a 30% tax credit for investment in renewable chemical production facilities.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1